Cushman & Wakefield has announced the sale of the Green Valley Town Center in Henderson, Nevada, a suburb of Las Vegas. Henderson Town Center LLC acquired the 194,757-square-foot (sf) multi-building mixed-use center for $21.5 million in September. The property is part of a massive high class regional real estate portfolio being sold by American Nevada Company, represented by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets. Cushman & Wakefield’s Geoffrey West, Jayne Cayton, and Michael Dunn are also performing local expert advisory in the disposition(s).
The sale consisted of Green Valley Town Center II & III (4300 & 4500 E. Sunset Rd.) and Athenian Shops (4350 E. Sunset Rd.). Built in multiple phases from 1988 to 2001, the properties are situated on a combined 20.3 acres in the northern portion of the 8,400-acre Green Valley master-planned community. Green Valley Town Center II is a vibrant 117,902-sf retail center anchored by Galaxy Luxury Theater and Barley’s Casino and Brewing Company—which provides a unique unrestricted gaming use—plus several other smaller retailers. Athenian Shops is a 22,087-sf two-story multi-tenant retail center that features four tenants including two restaurants. Green Valley Town Center III is a dynamic 54,768-sf two-story, mixed-use property offering retail on the first floor and office space on the second floor. The property is anchored by Las Vegas Buffet plus several other retail and office tenants. Collectively, the three properties were approximately two-thirds leased at the time of sale.
Mr. Reeder, Executive Managing Director said, “This unique collection of properties is well positioned to restore its standing as a major retail node for the Green Valley/Southeast Las Vegas area, which is experiencing renewed interest and redevelopment.Further, the strong, diverse tenancy of the property forms a desirable financial profile with well-balanced rollover.”
He added, “Considered a strong investment market in the U.S., significant population growth and job gains, particularly in the hospitality and retail sectors, have led to expansion of the Las Vegas region’s diverse economy.”
Mr. Tecca, Executive Director, noted, “This locationoffers superior accessibility, visibility, and abundant parking, and is proximate to many nearby retailers that draw additional consumers to the area.In addition, the property serves a trade area for several thousands of residents, as well as employees at numerous nearby business centers.”